Short Interest in ACV Auctions Inc. (NASDAQ:ACVA) Increases By 8.7%

ACV Auctions Inc. (NASDAQ:ACVA) was the target of a large growth in short interest in the month of July. As of July 15th, there was short interest totalling 10,410,000 shares, a growth of 8.7% from the June 30th total of 9,580,000 shares. Based on an average daily volume of 1,070,000 shares, the days-to-cover ratio is currently 9.7 days. Approximately 7.3% of the shares of the company are sold short.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ACVA. Piper Sandler increased their target price on ACV Auctions from $15.00 to $16.00 and gave the company a “neutral” rating in a research report on Thursday, May 9th. JMP Securities reaffirmed a “market outperform” rating and set a $21.00 price objective on shares of ACV Auctions in a report on Wednesday, July 10th. Needham & Company LLC reissued a “buy” rating and set a $23.00 target price on shares of ACV Auctions in a research note on Monday, June 3rd. Barrington Research restated an “outperform” rating and set a $23.00 price target on shares of ACV Auctions in a research report on Monday, May 13th. Finally, JPMorgan Chase & Co. upgraded ACV Auctions from a “neutral” rating to an “overweight” rating and set a $21.00 price objective on the stock in a report on Monday, June 10th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $20.88.

Insider Transactions at ACV Auctions

In related news, insider Craig Eric Anderson sold 7,500 shares of the stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $17.81, for a total transaction of $133,575.00. Following the sale, the insider now directly owns 328,167 shares of the company’s stock, valued at $5,844,654.27. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other ACV Auctions news, insider Craig Eric Anderson sold 7,500 shares of ACV Auctions stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $17.81, for a total value of $133,575.00. Following the completion of the transaction, the insider now owns 328,167 shares of the company’s stock, valued at $5,844,654.27. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael Waterman sold 26,336 shares of the stock in a transaction dated Tuesday, July 9th. The stock was sold at an average price of $17.51, for a total transaction of $461,143.36. Following the sale, the insider now directly owns 366,710 shares in the company, valued at $6,421,092.10. The disclosure for this sale can be found here. Insiders have sold 679,369 shares of company stock valued at $12,178,292 in the last 90 days. 8.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ACV Auctions

Hedge funds and other institutional investors have recently bought and sold shares of the company. Trust Point Inc. purchased a new stake in shares of ACV Auctions in the 4th quarter valued at approximately $429,000. Arizona State Retirement System grew its position in ACV Auctions by 4.1% in the fourth quarter. Arizona State Retirement System now owns 38,400 shares of the company’s stock worth $582,000 after acquiring an additional 1,500 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in ACV Auctions by 2.4% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 206,872 shares of the company’s stock worth $3,134,000 after acquiring an additional 4,784 shares during the last quarter. John G Ullman & Associates Inc. increased its stake in ACV Auctions by 1.5% during the fourth quarter. John G Ullman & Associates Inc. now owns 66,284 shares of the company’s stock worth $1,004,000 after acquiring an additional 1,000 shares during the last quarter. Finally, Handelsbanken Fonder AB lifted its stake in shares of ACV Auctions by 27.1% in the 4th quarter. Handelsbanken Fonder AB now owns 25,300 shares of the company’s stock valued at $383,000 after purchasing an additional 5,400 shares during the last quarter. 88.55% of the stock is currently owned by institutional investors and hedge funds.

ACV Auctions Trading Up 0.8 %

Shares of ACV Auctions stock opened at $17.08 on Thursday. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.62 and a quick ratio of 1.62. The stock’s 50 day simple moving average is $17.96 and its 200-day simple moving average is $17.17. The stock has a market cap of $2.82 billion, a P/E ratio of -35.58 and a beta of 1.54. ACV Auctions has a 1-year low of $12.84 and a 1-year high of $19.63.

ACV Auctions (NASDAQ:ACVA) last issued its earnings results on Wednesday, May 8th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.01). ACV Auctions had a negative net margin of 15.28% and a negative return on equity of 13.50%. The company had revenue of $145.69 million during the quarter, compared to analysts’ expectations of $144.14 million. Analysts predict that ACV Auctions will post -0.37 EPS for the current fiscal year.

About ACV Auctions

ACV Auctions Inc operates a digital marketplace that connects buyers and sellers for the online auction of wholesale vehicles. The company's marketplace platform includes digital marketplace, which connects buyers and sellers by providing online auction, which facilitates real-time transactions of wholesale vehicles; Run List for pre-filtering and pre-screening of vehicles up to 24 hours prior to an auction taking place; ACV transportation service to enable the buyers to see real-time transportation quotes and status reports of the vehicle; ACV capital, a short-term inventory financing services for buyers to purchase vehicles; and Go Green's seller assurance service for against claims related to defects in the vehicle.